Stanbic IBTC Introduces Initiative to Drive Micro Pension

• Stanbic IBTC Introduces Initiative to Drive Micro Pension

Following the formal introduction of the micro pension plan by the Federal Government in March, Stanbic IBTC Pension Managers Limited, has unveiled a nationwide micro pension campaign tagged ‘Game Plan – Retire Well.’

The Pension Fund Administrator said the effort was aimed at sensitising and stimulating the informal sector not covered by the current Contributory Pension Scheme, to adopt it.

During a press briefing in Lagos, the firm said the micro pension scheme extended the coverage of CPS to the informal sector.

The Chief Executive, Stanbic IBTC Pension Managers Limited, Mr Eric Fajemisin said, “Game Plan – Retire Well’ is our callout to stakeholders to secure their future and reinforce the need to save and plan for retirement, irrespective of the nature of their jobs or the profession they may find themselves in.

“It is all about taking a decision today by signing up for a retirement plan, making the right move now towards a secured future or simply put having a game plan.”

Fajemisin noted that ‘Game Plan – Retire Well’, was targeted at the various tiers of the informal sector.

He said it was meant to insulate those not covered in the formal sector of the economy as well as income earners in every category against old-age poverty, and would help in deepening asset accumulation in the country.

According to him, the scheme would also help to provide the crucial capital required for investment in critical sectors of the economy.

As an initiative designed to cover an estimated 70 per cent of Nigeria’s working population, he said that currently in the informal sector, the scheme offered enormous benefits to the society, regardless of challenges associated with its seamless implementation.

“Among its other benefits is improved standard of living for the elderly, safety of funds and access to other incentives, flexible contribution remittances, the opportunity to make withdrawal prior to retirement and the enhancement of financial inclusion in the country,” he said.